kinal's Articles en-us Tax Tip: Five Tax Facts about Summertime Child Care Expenses Summertime Tax Tip 2009-03 Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Here are five facts the IRS wants you to know about a tax credit available for child ca... 20th July 2009 Tax Tip: Top Seven Tips for Taxpayers Starting a New Business IRS Summertime Tax Tip 2009-02 Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year. 1. First, you m... 19th July 2009 Tax Benefits for Job Seekers IRS Summertime Tax Tip 2009-01 Tax Tip: Many taxpayers spend time during the summer months polishing their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax r... 19th July 2009 IRS “Summertime Tax Tips” and the Alternative Minimum Tax In Information Release 2009-64, issued last week, the Internal Revenue Service announced that is publishing a series of periodic "summertime tax tips." The stated purpose behind issuing these tips is to provide useful and concise advice on topics that af... 19th July 2009 The Annual Alternative Minimum Tax “Patch” and “Indexing” Explained The Patch Each year for the past several years Congress has "fixed" the AMT problem by enacting a temporary "patch." With the signing of the stimulus bill this past February, 24 million taxpayers who otherwise would have been in the AMT in 2009 are sp... 27th June 2009 Why Do You End Up Paying the AMT? The Alternative Minimum Tax is a parallel tax system that is an integral part of our Federal income tax system. It expands the amount of income that is taxed by adding items that otherwise are tax-free under the regular tax, and by disallowing many deduct... 23rd June 2009 Ways to Reduce Alternative Minimum Tax The Alternative Minimum Tax is an integral part of our Federal income tax system. It is a separate, but parallel, system to what we refer to as the "regular" income tax. The AMT expands the amount of income that is taxed by including items that otherwise... 23rd June 2009 Alternative Minimum Tax Planning - Importance of Controlling Your Income Retirees Retirees usually are the most surprised of all taxpayers when they find themselves in the Alternative Minimum Tax. Unfortunately, there is no "age exemption" - if you have the right blend of income and tax deductions, it hits you just as hard as it hits e... 18th June 2009 Alternative Minimum Tax Planning - Importance of Controlling Your Income Small Business Owners & the The degree of control that small business owners and the self-employed have over the timing is much greater than that of employees, and also depends on the structure of their businesses. For example, if a person is small business owner, and thus self-empl... 18th June 2009 Alternative Minimum Tax 101 It's a pretty safe bet to say that the vast majority of folks do not have an understanding of the Alternative Minimum Tax. In this next "mini-series" of articles we're going to try to give you just an outline of it, not a full-semester course as our title... 18th June 2009 Obama and Biden release tax returns – Vice President still stuck in the Alternative Minimum Tax Shortly after April 15 President Barack Obama and Vice President Joe Biden released their 2008 income tax returns. What these tax returns showed is that the President is not paying the Alternative Minimum Tax, but that the Vice President is still stuck in... 18th June 2009 Origin of the Alternative Minimum Tax - 1969 (yes, the same year as Woodstock) From Title 26 of the United States Code - also known as the Internal Revenue Code: "Subchapter A of chapter 1 (relating to determination of tax liability) is amended by adding at the end thereof the following new part: "Part VI - Minimum Tax for Ta... 18th June 2009 Estimated taxes – planning for 2nd quarter Alternative Minimum Tax payments due June 15 The second quarter for estimated tax purposes actually is a bit of a misnomer. The "quarter" consists of taxes for the months of April and May alone, unlike a normal three-month quarter. In any event, these estimated taxes must be paid by next Monday, Ju... 13th June 2009 Alternative Minimum Tax Planning - Importance of Differing Levels of Income If your highest tax bracket under the Regular Tax is higher than your highest tax bracket under the AMT, what does this mean? It means that by incrementally adding more income, you will be gradually working your way out of the AMT. You can test this and ... 13th June 2009 Alternative Minimum Tax Planning - Importance of Controlling Your Income Investors Here is a checklist of different types of income, as specifically applicable to the category of taxpayer known as Investors. The other categories - Employees, Small Business Owners & the Self-Employed and Retirees - will be discussed in future articles. ... 13th June 2009 Alternative Minimum Tax Planning - Importance of Differing Types of Income As noted in the last article, the tax brackets that apply to capital gains and dividends are completely different from the tax brackets that apply to ordinary income . By definition, all income other than capital gains and dividends is called ordinary inc... 13th June 2009 What’s the Big Picture When it Comes to AMT Planning? In the past several articles we have talked about tax planning, and Alternative Minimun Tax planning in particular. Sure, it gets into some details, and sure, taxes are not easy. But let's step back and take a look at the "forest for the trees" and do a... 08th June 2009 Here’s a Quick AMT Planning Example The most common item affecting folks paying the Alternative Minimum Tax is the deduction for state and local taxes. For regular tax purposes, you are allowed a deduction for state income taxes, city or other local income taxes, real estate taxes, persona... 08th June 2009 Steps to Success: Alternative Minimum Tax Planning In the legislative environment in which we currently find ourselves, significant changes affecting the taxation of individuals - that's you and me - are expected to be made, and to be made soon. All of this activity likely will also have a dramatic impac... 08th June 2009